Fixed Deposits

Best Hong Leong Finance Fixed Deposit Promotions & Interest Rates in Singapore – MoneySmart Review 2019

hong leong fixed deposits promotions and interest rates

Joanne Poh

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Want to grow your money without the risk? Fixed deposits are a great low-risk instrument. Just do research on the best interest rates, park your money in a fixed deposit of choice and wait for it to grow. Let’s check out Hong Leong fixed deposits and see how they measure up against others in the market.

 

Hong Leong fixed deposit rates

Hong Leong fixed deposits
Minimum sum $20,000 $50,000 $100,000 $200,000
Tenure 6 / 10 / 12 months 6 / 10 / 12 months 6 / 10 / 12 months 6 / 10 / 12 months
Promotional interest rate 1.6% / 1.68% / 1.70% 1.65% / 1.70% / 1.75% 1.65% / 1.72% / 1.78% 1.68% / 1.82% / 1.88%

 

Hong Leong fixed deposit promotions

Hong Leong Finance’s latest fixed deposit promotion, of which the expiry date is unknown, offers some fairly attractive interest rates on fixed deposits of 6, 10 and 12 months.

If you put in at least $20,000, you get an interest rate of 1.6% for 6 months, which is quite attractive for such a short tenure. This rises to 1.68% if you leave your money in there for 10 months, or 1.7% for 12 months.

Got more money to spare? Put in $50,000 and you get 1.65% for 6 months, 1.7% or 10 months and 1.75% for 12 months.

They have even higher interest rates for deposits of at least $100,000 or $200,000 with a maximum of 1.88% going to 12-month deposits of at least $200,000.

Hong Leong Finance fixed deposits are best for people who have at least $100,000 or $200,000 they can spare for at least 12 months.

Hong Leong Finance’s fixed deposit rates, while decent, are not the best you can find in Singapore. However, they’re still way better than, say, DBS fixed deposits.

One thing that should be noted, though, is that they have not announced an expiry date for these promotional rates. Meanwhile, some of the more attractive fixed deposit rates of the moment (eg. CIMB, UOB, Stanchart) are scheduled to expire at the end of April 2019, and we don’t yet know if they’ll be renewed.

Hong Leong’s minimum deposit amounts are on the high side as you’ll need at least $20,000 just to hit the bottom interest tier.

The Hong Leong fixed deposit only gets really attractive when you have at least $100,000 or $200,000 and can leave it in the fixed deposit for at least 12 months. The 12-month interest rate for $100,000 or $200,000 is 1.78% and 1.88% respectively. These interest rates aren’t the absolute best on the market, but they are way above average.

 

Hong Leong 10-month fixed deposits vs ICBC 9-month fixed deposits

One of the Hong Leong 10-month fixed deposit’s closest competitors is ICBC’s 9-month fixed deposit.

ICBC is currently offering promotional rates of 1.88% on their 9-month deposits. This beats out Hong Leong’s 10-month deposit as you only need $20,000 to qualify for that rate.

Meanwhile, to get a rate of 1.82% at Hong Leong, you need to place at least $200,000—placing $20,000 for 10 months with Hong Leong fixed deposits gets you only 1.68%.

And if you pick an ICBC fixed deposit with a longer tenure of 1 year, you get 1.98% (for e-banking customers only), which is significantly more than you’ll get from Hong Leong at any tenure.

 

Would it be better to park your money in a high interest savings account instead?

When deciding if you should park your money in a fixed deposit, you should also check out high interest savings accounts as the most generous can sometimes offer even higher interest rates.

Some accounts to check out include the OCBC 360 account, which offers up to 2.45% interest if you’re able to satisfy their many requirements, as well as the UOB One Account, which offers interest of up to 1.85%, again subject to being able to satisfy their requirements.

But many of these savings accounts have a bonus interest cap, where if your deposit exceeds a limit of anywhere between $50,000 and $100,000 you won’t earn anymore bonus interest. So if you have $100,000 or $200,000 casually lying around then, Hong Leong Fixed Deposits may actually be a good choice.

If you have that much money to spare, why not invest some either in REITs, or Singapore Savings Bonds?

Want to find out more about the best high interest savings accounts in Singapore? Read Your Savings Account Sucks, Here Are Some That Don’t – 2019 Edition on MoneySmart.

Do you currently put your money in fixed deposits? Share your recommendations in the comments!

 

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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.